Velocity is a free Android 2.2.1 Froyo ROM built for the LG Ally which greatly extends the speed and capabilities of your phone.

Code (Text):

#include <std_disclaimer.h>

/*

* Your warranty is now void.

*

* I am not responsible for bricked devices, dead SD cards,

* thermonuclear war, or you getting fired because the alarm app failed. Please

* do some research if you have any concerns about features included in this ROM

* before flashing it! YOU are choosing to make these modifications, and if

* you point the finger at me for messing up your device, I will laugh at you.

*/

Velocity is no longer a one-man show. I partnered up with Getitnowmarketing and Savoxis, two of the very best and well known developers in the Ally community, to form the new Velocity team. Our goal forming this elite team was to produce a fast, reliable, and feature packed custom ROM experience never before seen by the Ally. That end result was Velocity V1.0.

Scripts:
All the Velocity scripts have been carefully packaged into one powerful menu-driven package, allowing you to easilly access individual features without having to remember confusing syntax. A new OTA updating system has been incorporated in the script so new features can be added and bugs can be squashed easily and quickly. Just type "velocity" in a rooted terminal and we do the rest!
Script features include:
* OTA Updatable Scripts
* Overclocking Script
* Froyo A2SD Configuration
* Downloadable Fonts
* System App Backup and Removal
* Show or block ADs
* And much more to come!

Instructions:
- First time flashing Velocity to your Ally (or coming from an Eclair ROM)?
1. If you have not already done so, you must apply 2.2.1 Froyo officially using this guide before you can use this ROM
2. If you have not already done so, root your device and install GNM's amonra style recovery
3. Preform a Nandroid backup!
4. Wipe all userdata
5. Install the ROM

How to report bugs or problems?
Open an issue on Velocity's Google Code page!
- Was it a hard reboot? Get me the file "/proc/last_kmsg".
- Was it a soft reboot or a "boot loop"? Run "adb logcat" and get me the full output.
- Pastebin links preferred

After flashing some may experience not being able to connect to google servers to set up gmail. To fix this just dial *228 in the dialer and choose option 1. This will reprogram your phone and is a quick fix...Thanks again Trident for great work as usual!

Downloading now! Can't wait to see the awesomeness of this combined epic trio! Awesome job, It's great to see the community and developers are still very busy :-D

EDIT

Installed the ROM... I just don't know what to say. The new method used for the scripts is simply perfect. It is so much easier now. I can tell A LOT of development and hard work went into this. The community is so lucky to have developers like we have here with our lil Ally.

EDIT 2:

The added ability to reboot or enter recovery by pressing and holding the power button is awesome! That removes the need for an app to do so. Just like the overclocking script took away the need to buy the app to properly overclock. This ROM is so fast on the lowest overclock setting.. I can hardly believe this is my "low end Android phone" Ally anymore!